News

The New Jersey tax amnesty program went into effect on November 15, 2018 and will last until January 15, 2019. During that short period, taxpayers may pay certain outstanding New Jersey state tax obligations (including individual gross income tax, corporation business tax, and sales and use tax, among others; local property taxes and unemployment taxes are…

MSPC Certified Public Accountants and Advisors is pleased to announce that Jon Gagliardi, CPA has been named Managing Principal of the Firm. Gagliardi brings over thirty years of experience with the Firm to his new role. Gagliardi, who has a wide range of technical expertise, is known for having a leadership-style focused on accountability and…

The June 21 Supreme Court ruling in the case of South Dakota v.Wayfair, Inc. should encourage all businesses, large and small, that sell their goods online, to re-evaluate their sales tax collection procedures and to learn more about how this ruling may affect their business. In Wayfair, the Supreme Court reversed its 1992 decision in…

On May 23rd, MSPC hosted an interactive panel on how tax reform impacts closely-held businesses. If you were unable to attend, you can view the slides here: Taking Advantage of Tax Reform: A Business Owner’s Perspective Watch the Video If you have any additional questions, contact Ron Ruggeri.

On February 7, 2018, MSPC presented a webinar on the recently enacted Tax Cuts and Jobs Act of 2017 which represents the most significant change to the United States tax laws in over thirty years. This webinar includes an overview of some of the most important individual and business-related provisions of this tax reform, and how they…

The United States Tax Court (the “Tax Court”) recently issued a significant opinion, that of RERI Holdings I, LLC v. Commissioner, 149 T.C. 1 (2017). In that case, the taxpayer, on its partnership tax return for the 2003 taxable year, claimed a $33 million charitable contribution deduction stemming from its contribution of property to the…

On July 13, 2017, the United States Tax Court (the “Tax Court”) issued a very important opinion, that of Grecian Magnesite Mining, Industrial & Shipping Co., SA, v. Commissioner 149 T.C. 3 (2017). In this case, the Tax Court rejected the Internal Revenue Service’s (the “IRS’s”) approach for determining whether income from the disposition of…

Tax time – it comes once a year, but unlike the holidays, it’s certainly not as festive or well-received. It can be an anxious period, as taxpayers compile essential documentation showing their income, withholdings, financial transactions (such as a new home purchase or the sale of stocks or bonds), and other meaningful tax-related activities during…

New regulations by the Treasury Department proposed earlier this year, formally entitled “Estate, Gift and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest Regulations” (the Section 2704 regulations”) has business owners, accountants, and estate attorneys considering the best approach to deal with the potential for significantly higher estate tax liabilities. The Section 2704 regulations,…